CONSUMER FIRST ALERT: Student loan payment scams
GREEN BAY, Wis. (WBAY) - The return of monthly student loan payments may also come with a few risks. Consumer experts are asking the public to watch out for scammers.
Consumer experts want to make sure you’re paying your federal student loans not paying a scammer.
Fake offers come in a text message, email, or phone call like this:
“You are now able to take advantage of alternative federal student loan payment options and hardship programs.”
That’s one example of an illegal robocall. Some calls sound like a real person, even claiming to be with the department of education.
Scammers will lure you with a promise to help pay off or reduce your student loan debt - for a fee. Wisconsin consumer protection urges anyone with a student loan to be on alert right now.
“These companies are going to call tell you they can help, consolidate, give you debt relief but that you need to pay, often times large amounts of money up front. Don’t give into that. Anything they can do you can do yourself for free,” said Michael Domke, the Director of Bureau of Wisconsin Consumer Protection.
A major red flag is a request for your personal information.
“Treat your federal student aid id, otherwise known as the FSA just like your social security number,” explained Domke. “You have to keep that private because that number could give a scammer access to your financial aid account. If you share your federal student aid ID, the scammer could cut off contact between you and your servicer and even steal your identity.”
If you have questions reach out directly to your loan servicer. If you don’t know who this is, you can find it on studentaid.gov.
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